NEW YORK CITY — Cushman & Wakefield has brokered the sale of a four-building multifamily portfolio located at 212-218 East 85th St. on Manhattan’s Upper East Side. An investment group led by the Glick Family acquired the portfolio for $30 million. Totaling 37,500 square feet, the four contiguous buildings comprise 70 residential units, four office spaces and two retail units. The apartment units are in a mix of studio, one- and two-bedroom layouts. Paul Smadbeck, Thomas Gammino Jr., Hunter Moss and Bryan Smadbeck of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a retail building located at 34-39 31st St. in the South Astoria section of Queens. JAVSE Realty Corp. sold the building to a private investor for $7.5 million. Built in 1956, the property features 16,000 square feet of retail space. Jack Zalta of Rosewood Realty represented the seller, while Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.
NEW YORK CITY — Ceruzzi Holdings and SMI USA have topped out on construction for 138 East 50th Street, a luxury condominium project in Manhattan. The 63-story, 280,000-square-foot tower will feature 124 condominium units and 7,500 square feet of commercial space on the first floor. Once completed in early 2019, the property will feature a variety of amenities, including a 7,500-square-foot restaurant, an upscale fitness center and spa, a private club space, an indoor pool, a below-grade parking garage and outdoor terraces. Project partners include AECOM Tishman Construction, Pelli Clarke Pelli, SLCE and Champalimaud. Madison Realty Capital provided the construction loan for the project.
YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured permanent loan to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers. Fred Levine and Shia Fishman of Greystone arranged the financing for the borrower, L&A RE Acquisitions. The loan features a 30-year term and a fixed rate. Adira at Riverside offers a certified respiratory and vent unit; short-term rehab; occupational, physical and speech therapy; wound care; neuro-rehabilitation; certified cardiopulmonary rehabilitation; long-term skilled nursing care; dedicated Alzheimer’s and dementia care units; and stroke and TBI rehab. On-site amenities include a modern fitness facility, concierge and a variety of recreational activities for residents.
NEW YORK CITY — Stellar Management, along with its partner Argent Ventures, has received a $25 million loan package to refinance The Willard, located at 252 W. 76th St. in Manhattan. New York Community Bank provided the loan, which was arranged by Meridian Capital Group. Purchased in 2013, The Willard features 53 apartment units and amenities, including a renovated lobby, gym, fitness center, children’s playroom and private storage facility. Paula Katz of Gluck & Katz represented Stellar Management, while Farber, Rosen & Kaufman P.C. represented New York Community Bank in the financing.
NEW YORK CITY — GFI Realty has brokered the sale of a development site located at 203 Sutter Ave. in Brooklyn’s Brownsville section. A local investor acquired the site for $5.6 million. The parcel has a total of 57,648 buildable square feet, with approved plans for a 42-unit residential building. Yisroel Pershin and Eli Shilian of GFI Realty represented the seller, a local investor, while Sylvia Spielman, also of GFI, represented the buyer in the deal.
NEW YORK CITY — M&T Bank and Natixis are co-lead arrangers on a $195 million senior loan secured by Tower 46, a Class A office building located at 55 W. 46th St. In Midtown Manhattan. The borrowers, SL Green Realty Corp. and PGIM, acquired the property in 2014. Proceeds of the loan will provide capital to complete the lease up of the building, which was built in 2013. The 347,694-square-foot property includes a commercial condominium unit that comprises the top 13 floors (22 through 34) of the building with a dedicated entrance on 46th Street, as well as retail space on the second floor and ground-floor. Tenant amenities include a Starbucks Coffee, a fitness center for tenant-use only and on-site parking.
NEW YORK CITY — Olayan America and developer Chelsfield have unveiled plans for a $300 million renovation of 550 Madison Avenue, an office tower located in Midtown Manhattan. The property — which was completed in 1984 and designed by architect Philip Johnson — was formerly known as the Sony Tower and the AT&T Building. Olayan America acquired the property in May 2016, and has tapped design firm Snøhetta for the renovation. The renovation is set to double the size of the nearby public space; create an outdoor garden; add food and retail offerings; and partially replace the building’s eye-level façade with undulating glass to allow a transparent look into the lobby, atrium and first two levels of the building. The property will also be seeking LEED Gold certification, WELL certification from the International WELL Building Institute, and Wired certification for digital infrastructure upon completion. The property will incorporate a dedicated outdoor air ventilation system, which will ensure tenants have access to a continuous supply of fresh air while consuming less energy than a typical mechanical ventilation system. The renovation is slated for completion in 2019. Lead brokers for the project are Mary Ann Tighe, Howard Fiddle and Scott Gottlieb of CBRE. Olayan …
SARATOGA SPRINGS, N.Y. — Sitar Realty Co. has arranged the acquisition of 6,272 self-storage units across the Northeast. Saratoga Springs-based Prime Group Acquisitions purchased the properties, which total 673,588 square feet, for $124.4 million. The properties are located in Clinton, Lindenwold, Phillipsburg and Washington, N.J.; Brookfield, Farmington, Newington and New Milford, Conn.; Boston, Hyde Park, Quakertown, Somerville and South Boston, Mass.; and Fairless Hills, Pa. Bill Sitar Jr. of Sitar Realty Co. brokered the transactions. The names of the sellers were not disclosed.
NEW YORK CITY — Savanna has acquired an office building located at 19 W. 44th St. in Midtown Manhattan. Deka Immobilien GmbH sold the 18-story, 303,943-square-foot property for an undisclosed price. Originally constructed in 1916, the property features pre-war architecture as well as oversized loft-style windows, outdoor terraces and a historic masonry façade and entrance. Savanna plans to reposition the building through a series of cosmetic and base building capital improvements, along with a new branding campaign. Mesa West Capital provided financing for the acquisition and repositioning of the property. Russell Frahm of Mesa West Capital originated the financing, which was arranged by Lawrence Britvan, Matt Jacobs and Michael Straw of Hodges Ward Elliott. Cole Schotz PC advised Savanna in the transaction, while Colliers International represented the seller in the deal.